{"id":7769,"date":"2025-08-29T09:30:55","date_gmt":"2025-08-29T09:30:55","guid":{"rendered":"https:\/\/www.mdwcc.com\/?p=7769"},"modified":"2025-09-23T01:41:07","modified_gmt":"2025-09-23T01:41:07","slug":"international-capital-bets-on-the-real-economy-while-government-bonds-are-in-trouble-the-core-contradictions-and-future-variables-of-japans-market-differentiation","status":"publish","type":"post","link":"https:\/\/www.mdwcc.com\/vi\/international-capital-bets-on-the-real-economy-while-government-bonds-are-in-trouble-the-core-contradictions-and-future-variables-of-japans-market-differentiation\/","title":{"rendered":"V\u1ed1n qu\u1ed1c t\u1ebf \u0111\u1eb7t c\u01b0\u1ee3c v\u00e0o n\u1ec1n kinh t\u1ebf th\u1ef1c, trong khi tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 g\u1eb7p kh\u00f3 kh\u0103n: nh\u1eefng m\u00e2u thu\u1eabn c\u1ed1t l\u00f5i v\u00e0 c\u00e1c bi\u1ebfn s\u1ed1 t\u01b0\u01a1ng lai c\u1ee7a s\u1ef1 kh\u00e1c bi\u1ec7t h\u00f3a th\u1ecb tr\u01b0\u1eddng Nh\u1eadt B\u1ea3n"},"content":{"rendered":"<p>Trong b\u1ed1i c\u1ea3nh b\u1ea5t \u1ed5n \u0111\u1ecba ch\u00ednh tr\u1ecb to\u00e0n c\u1ea7u ng\u00e0y c\u00e0ng gia t\u0103ng v\u00e0 \u00e1p l\u1ef1c l\u1ea1m ph\u00e1t dai d\u1eb3ng, th\u1ecb tr\u01b0\u1eddng Nh\u1eadt B\u1ea3n g\u1ea7n \u0111\u00e2y \u0111\u00e3 th\u1ec3 hi\u1ec7n nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m tr\u00e1i chi\u1ec1u r\u00f5 r\u1ec7t: m\u1ed9t m\u1eb7t, Berkshire Hathaway, thu\u1ed9c s\u1edf h\u1eefu c\u1ee7a \u00f4ng tr\u00f9m \u0111\u1ea7u t\u01b0 qu\u1ed1c t\u1ebf Warren Buffett, ti\u1ebfp t\u1ee5c t\u0103ng l\u01b0\u1ee3ng n\u1eafm gi\u1eef t\u1ea1i c\u00e1c c\u00f4ng ty th\u01b0\u01a1ng m\u1ea1i Nh\u1eadt B\u1ea3n, th\u1ec3 hi\u1ec7n ni\u1ec1m tin d\u00e0i h\u1ea1n v\u00e0o n\u1ec1n kinh t\u1ebf th\u1ef1c; m\u1eb7t kh\u00e1c, th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 Nh\u1eadt B\u1ea3n l\u1ea1i sa l\u1ea7y v\u00e0o tranh c\u00e3i v\u1ec1 m\u1ed9t \u201cb\u1eaby gi\u00e1 tr\u1ecb\u201d, khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i chuy\u1ec3n t\u1eeb \u0111\u1eb7t c\u01b0\u1ee3c l\u1ea1c quan sang thua l\u1ed7. C\u00f9ng v\u1edbi nh\u1eefng t\u00edn hi\u1ec7u ch\u00ednh s\u00e1ch m\u01a1 h\u1ed3 c\u1ee7a Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Nh\u1eadt B\u1ea3n v\u00e0 k\u1ef3 v\u1ecdng ng\u00e0y c\u00e0ng t\u0103ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t, c\u00e1c phi\u00ean \u0111\u1ea5u gi\u00e1 tr\u00e1i phi\u1ebfu ng\u1eafn h\u1ea1n \u0111\u00e3 b\u1ecb \u0111\u00f3n nh\u1eadn l\u1ea1nh nh\u1ea1t, v\u00e0 to\u00e0n b\u1ed9 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu \u0111ang ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi nhi\u1ec1u \u00e1p l\u1ef1c.<\/p>\n<h2>Ni\u1ec1m tin c\u1ee7a v\u1ed1n qu\u1ed1c t\u1ebf v\u00e0o c\u00e1c c\u00f4ng ty th\u01b0\u01a1ng m\u1ea1i Nh\u1eadt B\u1ea3n: Berkshire Hathaway ti\u1ebfp t\u1ee5c t\u0103ng l\u01b0\u1ee3ng n\u1eafm gi\u1eef<\/h2>\n<p>Berkshire Hathaway \u0111\u00e3 t\u0103ng c\u1ed5 ph\u1ea7n t\u1ea1i Mitsubishi Corporation v\u00e0 Mitsui &amp; Co., hai c\u00f4ng ty th\u01b0\u01a1ng m\u1ea1i Nh\u1eadt B\u1ea3n, tr\u1ef1c ti\u1ebfp th\u00fac \u0111\u1ea9y gi\u00e1 c\u1ed5 phi\u1ebfu chung c\u1ee7a ng\u00e0nh c\u00f4ng nghi\u1ec7p th\u01b0\u01a1ng m\u1ea1i Nh\u1eadt B\u1ea3n. C\u1ee5 th\u1ec3, Mitsubishi Corporation cho bi\u1ebft trong m\u1ed9t tuy\u00ean b\u1ed1 h\u00f4m th\u1ee9 N\u0103m r\u1eb1ng c\u00e1c c\u00f4ng ty con c\u1ee7a Berkshire Hathaway \u0111\u00e3 t\u0103ng t\u1ef7 l\u1ec7 s\u1edf h\u1eefu bi\u1ec3u quy\u1ebft t\u1ea1i c\u00f4ng ty t\u1eeb 9,74% h\u1ed3i th\u00e1ng 3 l\u00ean 10,23%, ph\u00e1 v\u1ee1 m\u1ee9c tr\u1ea7n ng\u1ea7m \u0111\u1ecbnh tr\u01b0\u1edbc \u0111\u00f3 l\u00e0 10%. Mitsui &amp; Co. c\u0169ng c\u00f4ng b\u1ed1 vi\u1ec7c t\u0103ng t\u1ef7 l\u1ec7 s\u1edf h\u1eefu, t\u1ea1o d\u01b0 \u0111\u1ecba cho chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n c\u1ee7a Berkshire Hathaway. S\u1ef1 \u0111i\u1ec1u ch\u1ec9nh n\u00e0y xu\u1ea5t ph\u00e1t t\u1eeb k\u1ebf ho\u1ea1ch ban \u0111\u1ea7u c\u1ee7a Buffett, \u0111\u01b0\u1ee3c n\u00eau trong th\u01b0 th\u01b0\u1eddng ni\u00ean g\u1eedi c\u1ed5 \u0111\u00f4ng h\u1ed3i th\u00e1ng 2, l\u00e0 n\u1eafm gi\u1eef kh\u00f4ng qu\u00e1 10% c\u1ed5 ph\u1ea7n c\u1ee7a c\u00f4ng ty.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" width=\"1029\" height=\"537\" class=\"wp-image-7771\" src=\"https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/1-4.png\" alt=\"h\u00ecnh \u1ea3nh 1\" srcset=\"https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/1-4.png 1029w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/1-4-300x157.png 300w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/1-4-1024x534.png 1024w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/1-4-768x401.png 768w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/1-4-18x9.png 18w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/1-4-900x470.png 900w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/1-4-600x313.png 600w\" sizes=\"(max-width: 1029px) 100vw, 1029px\" \/><\/p>\n<p>Th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 ph\u1ea3n \u1ee9ng t\u00edch c\u1ef1c v\u1edbi t\u00edn hi\u1ec7u n\u00e0y. Sau khi th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Tokyo m\u1edf c\u1eeda tr\u1edf l\u1ea1i v\u00e0o bu\u1ed5i tr\u01b0a, gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a T\u1eadp \u0111o\u00e0n Mitsubishi \u0111\u00e3 t\u0103ng t\u1edbi 2,9%, m\u1ee9c t\u0103ng l\u1edbn nh\u1ea5t trong ba tu\u1ea7n; gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a Mitsui &amp; Co. c\u0169ng t\u0103ng t\u1edbi 1,8%. Ngo\u00e0i ra, ba c\u00f4ng ty th\u01b0\u01a1ng m\u1ea1i l\u1edbn kh\u00e1c c\u1ee7a Nh\u1eadt B\u1ea3n, n\u01a1i Berkshire Hathaway n\u1eafm gi\u1eef c\u1ed5 ph\u1ea7n t\u1eeb n\u0103m 2020, c\u0169ng \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i. C\u00e1c c\u00f4ng ty th\u01b0\u01a1ng m\u1ea1i \u0111a d\u1ea1ng n\u00e0y, v\u1edbi c\u00e1c ho\u1ea1t \u0111\u1ed9ng kinh doanh tr\u1ea3i r\u1ed9ng t\u1eeb th\u0103m d\u00f2 d\u1ea7u kh\u00ed \u1edf n\u01b0\u1edbc ngo\u00e0i, nu\u00f4i c\u00e1 h\u1ed3i \u0111\u1ebfn v\u1eadn h\u00e0nh c\u1eeda h\u00e0ng ti\u1ec7n l\u1ee3i, \u0111ang t\u00edch c\u1ef1c gia t\u0103ng l\u1ee3i nhu\u1eadn cho c\u1ed5 \u0111\u00f4ng th\u00f4ng qua vi\u1ec7c mua l\u1ea1i c\u1ed5 phi\u1ebfu v\u00e0 c\u00e1c ph\u01b0\u01a1ng th\u1ee9c kh\u00e1c, khi\u1ebfn ch\u00fang tr\u1edf th\u00e0nh kho\u1ea3n \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n h\u1ea5p d\u1eabn trong b\u1ed1i c\u1ea3nh b\u1ea5t \u1ed5n \u0111\u1ecba ch\u00ednh tr\u1ecb.<\/p>\n<h2>Th\u1ebf ti\u1ebfn tho\u00e1i l\u01b0\u1ee1ng nan c\u1ee7a th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 Nh\u1eadt B\u1ea3n: T\u1eeb l\u1ee3i nhu\u1eadn \u0111\u01b0\u1ee3c \u0111\u1ea3m b\u1ea3o \u0111\u1ebfn b\u1eaby gi\u00e1 tr\u1ecb<\/h2>\n<p>Tr\u00e1i ng\u01b0\u1ee3c v\u1edbi hi\u1ec7u su\u1ea5t v\u1eefng ch\u1eafc c\u1ee7a kh\u1ed1i c\u00f4ng ty th\u01b0\u01a1ng m\u1ea1i, th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 Nh\u1eadt B\u1ea3n (th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu l\u1edbn th\u1ee9 ba th\u1ebf gi\u1edbi, sau Hoa K\u1ef3 v\u00e0 Trung Qu\u1ed1c) g\u1ea7n \u0111\u00e2y \u0111\u00e3 r\u01a1i v\u00e0o giai \u0111o\u1ea1n bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh. Chi\u1ebfn l\u01b0\u1ee3c \"r\u1ee7i ro th\u1ea5p, l\u1ee3i nhu\u1eadn cao\" m\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i t\u1eebng \u0111\u1eb7t c\u01b0\u1ee3c tr\u01b0\u1edbc \u0111\u00e2y \u0111\u00e3 ch\u1ecbu m\u1ed9t \u0111\u00f2n gi\u00e1ng m\u1ea1nh, v\u00e0 tranh c\u00e3i tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u1ec1 \"b\u1eaby gi\u00e1 tr\u1ecb\" c\u1ee7a n\u00f3 \u0111ang d\u1ea7n n\u00f3ng l\u00ean.<\/p>\n<p><img decoding=\"async\" width=\"851\" height=\"494\" class=\"wp-image-7772\" src=\"https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/20250828_161448.png\" alt=\"C\u1eaft c\u1ee5c b\u1ed9_20250828_161448\" srcset=\"https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/20250828_161448.png 851w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/20250828_161448-300x174.png 300w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/20250828_161448-768x446.png 768w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/20250828_161448-18x10.png 18w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/20250828_161448-350x204.png 350w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/20250828_161448-600x348.png 600w\" sizes=\"(max-width: 851px) 100vw, 851px\" \/><\/p>\n<p>\u00c1p l\u1ef1c n\u00e0y \u0111\u1ebfn t\u1eeb nhi\u1ec1u chi\u1ec1u h\u01b0\u1edbng:<\/p>\n<ul>\n<li class=\"translation-block\"><strong>Chuy\u1ec3n d\u1ecbch ch\u00ednh s\u00e1ch c\u1ee7a Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng<\/strong>: Sau khi Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n b\u00e3i b\u1ecf ch\u00ednh s\u00e1ch ki\u1ec3m so\u00e1t \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t (YCC) \u0111\u00e3 duy tr\u00ec trong nhi\u1ec1u n\u0103m, \"m\u1ecf neo\" l\u00e3i su\u1ea5t to\u00e0n c\u1ea7u \u0111\u00e3 b\u1ecb ph\u00e1 v\u1ee1. Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng kh\u00f4ng ch\u1ec9 tr\u00ec ho\u00e3n vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t m\u00e0 c\u00f2n d\u1ea7n d\u1ea7n gi\u1ea3m quy m\u00f4 mua tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7, l\u00e0m suy y\u1ebfu c\u00e1c h\u1ed7 tr\u1ee3 ch\u1ee7 ch\u1ed1t c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/li>\n<li class=\"translation-block\"><strong>M\u1ed1i lo ng\u1ea1i v\u1ec1 t\u00e0i ch\u00ednh gia t\u0103ng<\/strong>: Sau khi li\u00ean minh c\u1ea7m quy\u1ec1n c\u1ee7a Nh\u1eadt B\u1ea3n thua cu\u1ed9c b\u1ea7u c\u1eed Th\u01b0\u1ee3ng vi\u1ec7n v\u00e0o th\u00e1ng 7, k\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 vi\u1ec7c ch\u00ednh ph\u1ee7 s\u1ebd tung ra m\u1ed9t v\u00f2ng k\u00edch th\u00edch t\u00e0i ch\u00ednh m\u1edbi \u0111\u00e3 t\u0103ng l\u00ean, l\u00e0m d\u1ea5y l\u00ean lo ng\u1ea1i v\u1ec1 vi\u1ec7c m\u1edf r\u1ed9ng ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7, ti\u1ebfp t\u1ee5c k\u00ecm h\u00e3m gi\u00e1 tr\u00e1i phi\u1ebfu.<\/li>\n<li class=\"translation-block\"><strong>Nhu c\u1ea7u trong n\u01b0\u1edbc gi\u1ea3m<\/strong>: C\u00e1c t\u1ed5 ch\u1ee9c b\u1ea3o hi\u1ec3m nh\u00e2n th\u1ecd v\u00e0 l\u01b0\u01a1ng h\u01b0u, \u0111\u00f3ng vai tr\u00f2 l\u00e0 \"t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p\" c\u1ee7a tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 Nh\u1eadt B\u1ea3n, \u0111\u00e3 ch\u1ee9ng ki\u1ebfn \u200b\u200bnhu c\u1ea7u v\u1ec1 tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 si\u00eau d\u00e0i h\u1ea1n gi\u1ea3m \u0111\u1ec3 ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c kho\u1ea3n n\u1ee3 d\u00e0i h\u1ea1n do d\u00e2n s\u1ed1 gi\u00e0 h\u00f3a.<\/li>\n<li class=\"translation-block\"><strong>B\u00e1n th\u00e1o to\u00e0n c\u1ea7u<\/strong>: Th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu to\u00e0n c\u1ea7u \u0111\u00e3 b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi \u0111\u1ee3t b\u00e1n th\u00e1o do l\u1ea1m ph\u00e1t cao v\u00e0 \u00e1p l\u1ef1c t\u00e0i kh\u00f3a. Tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 Nh\u1eadt B\u1ea3n c\u0169ng kh\u00f4ng tr\u00e1nh kh\u1ecfi t\u00e1c \u0111\u1ed9ng n\u00e0y, v\u00e0 s\u1ee9c mua c\u1ee7a c\u00e1c qu\u1ef9 n\u01b0\u1edbc ngo\u00e0i \u0111\u00e3 gi\u1ea3m \u0111\u00e1ng k\u1ec3.<\/li>\n<\/ul>\n<p><img decoding=\"async\" width=\"1025\" height=\"554\" class=\"wp-image-7773\" src=\"https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/3.png\" alt=\"h\u00ecnh \u1ea3nh 3\" srcset=\"https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/3.png 1025w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/3-300x162.png 300w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/3-768x415.png 768w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/3-18x10.png 18w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/3-900x486.png 900w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/3-600x324.png 600w\" sizes=\"(max-width: 1025px) 100vw, 1025px\" \/><\/p>\n<h2>Ch\u00ednh s\u00e1ch c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng v\u00e0 tr\u00f2 ch\u01a1i th\u1ecb tr\u01b0\u1eddng: tr\u00e1i phi\u1ebfu ng\u1eafn h\u1ea1n ngu\u1ed9i l\u1ea1nh gi\u1eefa k\u1ef3 v\u1ecdng t\u0103ng l\u00e3i su\u1ea5t<\/h2>\n<ul>\n<li>Gi\u1eefa b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu \u1ea3m \u0111\u1ea1m, t\u00e2m l\u00fd th\u1ecb tr\u01b0\u1eddng \u0111ang b\u1ecb chia r\u1ebd s\u00e2u s\u1eafc. Bi\u1ebfn \u0111\u1ed9ng tr\u00ean th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 Nh\u1eadt B\u1ea3n g\u1eafn ch\u1eb7t v\u1edbi c\u00e1c t\u00edn hi\u1ec7u ch\u00ednh s\u00e1ch c\u1ee7a Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Nh\u1eadt B\u1ea3n v\u00e0 k\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t. B\u1ea5t ch\u1ea5p nh\u1eefng t\u00edn hi\u1ec7u th\u1eadn tr\u1ecdng g\u1ea7n \u0111\u00e2y t\u1eeb c\u00e1c quan ch\u1ee9c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng, k\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0o vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t v\u1eabn ti\u1ebfp t\u1ee5c gia t\u0103ng, th\u1ec3 hi\u1ec7n r\u00f5 qua s\u1ef1 th\u1edd \u01a1 c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u1ed1i v\u1edbi c\u00e1c phi\u00ean \u0111\u1ea5u gi\u00e1 tr\u00e1i phi\u1ebfu ng\u1eafn h\u1ea1n.<\/li>\n<li>Trong b\u00e0i ph\u00e1t bi\u1ec3u h\u00f4m th\u1ee9 N\u0103m, th\u00e0nh vi\u00ean h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n Junko Nakagawa \u0111\u00e3 \u0111\u1ec1 c\u1eadp \u0111\u1ebfn kh\u1ea3 n\u0103ng t\u0103ng l\u00e3i su\u1ea5t v\u00e0 \u0111i\u1ec1u ch\u1ec9nh c\u00e1c bi\u1ec7n ph\u00e1p n\u1edbi l\u1ecfng sau khi \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c ti\u00eau, \u0111\u1ed3ng th\u1eddi nh\u1ea5n m\u1ea1nh nh\u1eefng b\u1ea5t \u1ed5n th\u01b0\u01a1ng m\u1ea1i \u0111\u1ec3 tr\u00e1nh k\u1ef3 v\u1ecdng v\u1ec1 vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t. Tr\u1ecdng t\u00e2m c\u1ee7a b\u00e0i ph\u00e1t bi\u1ec3u l\u00e0 \u1ed5n \u0111\u1ecbnh th\u1ecb tr\u01b0\u1eddng tr\u01b0\u1edbc cu\u1ed9c h\u1ecdp th\u00e1ng 9, m\u1ed9t th\u00e1i \u0111\u1ed9 ph\u00f9 h\u1ee3p v\u1edbi quan \u0111i\u1ec3m c\u1ee7a Th\u1ed1ng \u0111\u1ed1c Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n Kazuo Ueda. B\u1ed9 tr\u01b0\u1edfng T\u00e0i ch\u00ednh Hoa K\u1ef3 \u0111\u00e3 ch\u1ec9 tr\u00edch Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n v\u00ec \"h\u00e0nh \u0111\u1ed9ng ch\u1eadm tr\u1ec5\" trong vi\u1ec7c ch\u1ed1ng l\u1ea1m ph\u00e1t, c\u00e0ng \u0111\u1ea9y k\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t l\u00ean cao h\u01a1n. Hi\u1ec7n t\u1ea1i, c\u00e1c nh\u00e0 giao d\u1ecbch tin r\u1eb1ng x\u00e1c su\u1ea5t t\u0103ng l\u00e3i su\u1ea5t tr\u01b0\u1edbc cu\u1ed1i th\u00e1ng 10 l\u00e0 kho\u1ea3ng 60%. L\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 k\u1ef3 h\u1ea1n 10 n\u0103m c\u1ee7a Nh\u1eadt B\u1ea3n \u0111\u00e3 t\u0103ng l\u00ean m\u1ee9c cao nh\u1ea5t trong 17 n\u0103m. K\u1ef3 v\u1ecdng v\u1ec1 vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t c\u0169ng d\u1eabn \u0111\u1ebfn nhu c\u1ea7u y\u1ebfu nh\u1ea5t trong 16 n\u0103m \u0111\u1ed1i v\u1edbi phi\u00ean \u0111\u1ea5u gi\u00e1 tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 k\u1ef3 h\u1ea1n hai n\u0103m v\u00e0o th\u1ee9 N\u0103m v\u00e0 t\u1ea5t c\u1ea3 c\u00e1c phi\u00ean \u0111\u1ea5u gi\u00e1 tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 trong th\u00e1ng n\u00e0y \u0111\u1ec1u k\u00e9m. Th\u1ecb tr\u01b0\u1eddng tin r\u1eb1ng \u0111i\u1ec1u n\u00e0y ph\u1ea3n \u00e1nh nhu c\u1ea7u y\u1ebfu h\u01a1n v\u00e0 d\u1ef1 \u0111o\u00e1n r\u1eb1ng \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t s\u1ebd d\u1ed1c h\u01a1n v\u00e0 \u0111\u1ea7u d\u00e0i h\u1ea1n s\u1ebd ch\u1ecbu \u00e1p l\u1ef1c k\u00e9p.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"868\" height=\"331\" class=\"wp-image-7774\" src=\"https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/4.png\" alt=\"h\u00ecnh \u1ea3nh 4\" srcset=\"https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/4.png 868w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/4-300x114.png 300w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/4-768x293.png 768w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/4-18x7.png 18w, https:\/\/www.mdwcc.com\/wp-content\/uploads\/2025\/08\/4-600x229.png 600w\" sizes=\"(max-width: 868px) 100vw, 868px\" \/><\/p>\n<h2>T\u00f3m t\u1eaft: S\u1ef1 kh\u00e1c bi\u1ec7t c\u1ee7a th\u1ecb tr\u01b0\u1eddng Nh\u1eadt B\u1ea3n v\u00e0 c\u00e1c bi\u1ebfn s\u1ed1 ch\u00ednh trong t\u01b0\u01a1ng lai<\/h2>\n<p>Th\u1ecb tr\u01b0\u1eddng Nh\u1eadt B\u1ea3n hi\u1ec7n t\u1ea1i cho th\u1ea5y b\u1ee9c tranh k\u00e9p v\u1ec1 \"c\u00e1c ng\u00e0nh c\u00f4ng nghi\u1ec7p th\u1ef1c s\u1ef1 \u0111\u01b0\u1ee3c \u01b0u \u00e1i v\u00e0 th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh \u0111ang ch\u1ecbu \u00e1p l\u1ef1c\": Vi\u1ec7c Buffett t\u0103ng l\u01b0\u1ee3ng n\u1eafm gi\u1eef t\u1ea1i c\u00e1c c\u00f4ng ty th\u01b0\u01a1ng m\u1ea1i Nh\u1eadt B\u1ea3n th\u1ec3 hi\u1ec7n s\u1ef1 c\u00f4ng nh\u1eadn l\u00e2u d\u00e0i c\u1ee7a v\u1ed1n qu\u1ed1c t\u1ebf \u0111\u1ed1i v\u1edbi ho\u1ea1t \u0111\u1ed9ng kinh doanh th\u1ef1c s\u1ef1 \u0111a d\u1ea1ng c\u1ee7a Nh\u1eadt B\u1ea3n v\u00e0 l\u1ee3i nhu\u1eadn c\u1ed5 \u0111\u00f4ng \u0111\u01b0\u1ee3c t\u1ed1i \u01b0u h\u00f3a; trong khi nh\u1eefng kh\u00f3 kh\u0103n tr\u00ean th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 ph\u01a1i b\u00e0y nh\u1eefng th\u00e1ch th\u1ee9c c\u1ee7a Nh\u1eadt B\u1ea3n trong vi\u1ec7c ki\u1ec3m so\u00e1t l\u1ea1m ph\u00e1t, c\u00e2n b\u1eb1ng t\u00e0i kh\u00f3a v\u00e0 chuy\u1ec3n \u0111\u1ed5i ch\u00ednh s\u00e1ch c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng.<\/p>\n<p>Trong t\u01b0\u01a1ng lai, h\u01b0\u1edbng \u0111i c\u1ee7a th\u1ecb tr\u01b0\u1eddng Nh\u1eadt B\u1ea3n s\u1ebd ph\u1ee5 thu\u1ed9c r\u1ea5t nhi\u1ec1u v\u00e0o ba bi\u1ebfn s\u1ed1 ch\u00ednh:<\/p>\n<p>\u0110\u1ea7u ti\u00ean, t\u1ed1c \u0111\u1ed9 t\u0103ng l\u00e3i su\u1ea5t c\u1ee7a Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n \u2013 n\u1ebfu l\u1ea1m ph\u00e1t li\u00ean t\u1ee5c \u1edf m\u1ee9c cao bu\u1ed9c ph\u1ea3i thay \u0111\u1ed5i ch\u00ednh s\u00e1ch, \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 \u0111\u1ecbnh h\u00ecnh l\u1ea1i k\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7;<\/p>\n<p>Th\u1ee9 hai l\u00e0 hi\u1ec7u qu\u1ea3 c\u1ee7a vi\u1ec7c t\u1ed1i \u01b0u h\u00f3a ho\u1ea1t \u0111\u1ed9ng kinh doanh trong l\u0129nh v\u1ef1c c\u00f4ng ty th\u01b0\u01a1ng m\u1ea1i \u2013 li\u1ec7u c\u00f4ng ty c\u00f3 th\u1ec3 ti\u1ebfp t\u1ee5c duy tr\u00ec s\u1ee9c h\u1ea5p d\u1eabn c\u1ee7a m\u00ecnh th\u00f4ng qua vi\u1ec7c h\u1ee3p nh\u1ea5t t\u00e0i s\u1ea3n v\u00e0 mua l\u1ea1i hay kh\u00f4ng;<\/p>\n<p>Th\u1ee9 ba l\u00e0 xu h\u01b0\u1edbng d\u00f2ng v\u1ed1n to\u00e0n c\u1ea7u \u2013 n\u1ebfu t\u00ecnh tr\u1ea1ng b\u00e1n th\u00e1o tr\u00ean th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu to\u00e0n c\u1ea7u d\u1ecbu \u0111i, \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 gi\u00fap tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 Nh\u1eadt B\u1ea3n c\u00f3 th\u00eam kh\u00f4ng gian \u0111\u1ec3 th\u1edf.<\/p>\n<p>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, th\u1ecb tr\u01b0\u1eddng Nh\u1eadt B\u1ea3n mang \u0111\u1ebfn c\u1ea3 \u201cc\u01a1 h\u1ed9i kh\u00e1c bi\u1ec7t\u201d v\u00e0 \u201cr\u1ee7i ro ti\u1ec1m \u1ea9n\u201d, v\u00e0 h\u1ecd c\u1ea7n theo d\u00f5i ch\u1eb7t ch\u1ebd nh\u1eefng thay \u0111\u1ed5i trong t\u00edn hi\u1ec7u ch\u00ednh s\u00e1ch v\u00e0 d\u1eef li\u1ec7u kinh t\u1ebf v\u0129 m\u00f4.<\/p>","protected":false},"excerpt":{"rendered":"<p>Th\u1ecb tr\u01b0\u1eddng Nh\u1eadt B\u1ea3n \u0111ang ph\u00e2n h\u00f3a: Buffett t\u0103ng c\u1ed5 ph\u1ea7n t\u1ea1i c\u00e1c c\u00f4ng ty th\u01b0\u01a1ng m\u1ea1i trong khi tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 \u0111\u1ed1i m\u1eb7t v\u1edbi b\u1eaby gi\u00e1 tr\u1ecb trong b\u1ed1i c\u1ea3nh ch\u00ednh s\u00e1ch c\u1ee7a BoJ kh\u00f4ng ch\u1eafc ch\u1eafn v\u00e0 r\u1ee7i ro l\u1ea1m ph\u00e1t.<\/p>","protected":false},"author":1,"featured_media":7770,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[115],"tags":[169,167,168],"class_list":["post-7769","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-bank-of-japan-policy-shift","tag-japanese-market-outlook","tag-tokyo-stock-market-reaction"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/7769","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/comments?post=7769"}],"version-history":[{"count":1,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/7769\/revisions"}],"predecessor-version":[{"id":7775,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/7769\/revisions\/7775"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media\/7770"}],"wp:attachment":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media?parent=7769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/categories?post=7769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/tags?post=7769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}